Before signing a reverse mortgage application, you are required to attend counseling with a 3rd party HUD-Approved Counseling Agency. The purpose of the counseling is to ensure that you have general knowledge of the product and offer alternative solutions that may be available.
How to Schedule.
There are many agencies that provide reverse mortgage counseling, nationally and locally. You can find a list of approved HUD counseling agency here or in the quote package provided to you by your reverse mortgage professional. The counseling can either be done over the phone or in person, there is a 3rd party out of pocket fee paid directly to the agency.
What you can expect from the counselor.
A HUD-approved housing counselor is an experienced, trained professional who understands Reverse Mortgages. The U.S. Department of Housing and Urban Development (HUD) sponsors housing counseling agencies throughout the country and counseling is available in many languages.
The counselor will discuss the features of a reverse mortgage and how it works, your responsibilities with a reverse mortgage, the impact it will have on you and your heirs, and the availability of other assistance or alternative solutions that may be available to you. This session will usually last about an hour.
While completion of counseling is required to apply for a reverse mortgage, participating in the counseling doesn’t obligate you to proceed. After successful completion of the counseling session, you can then proceed with making application on a reverse mortgage. If you have any questions regarding reverse mortgages, contact us at (561) 203-6772 to speak with one of our reverse mortgage professional.